Fed Sells Off One Third Of Remaining GM Shares - Full Exit In January

The Treasury said Tuesday it sold $1.2 billion in General Motors stock in October — or nearly one-third of its remaining shares — as the government plans to exit the Detroit automaker by the end of March, if not earlier.

In October, GM stock traded for around $35 to $36 a share, meaning the government sold about 29 million to 30 million shares. As of September, it had about 101 million shares remaining, so the latest sale leaves the Treasury will around 70 million shares. At current selling rates, Treasury could completely exit sometime in January.